South Africa Tops Crypto Interest Search, Gets Sharia-compliant Cryptocurrency
Regarding the adoption of digital currencies, the African continent has been noticeably active on this front. In fact, a recently published report by Google Trends showed that South Africa is the global leader in cryptocurrency search interest, followed by Ghana and Slovenia. Surprisingly, South Africa topped the list, beating countries that have favorable crypto regulations and massive trading volumes such as Japan and the United States.
The study ranked various countries on a scale ranging from zero to 100. In this regard, South Africa got the perfect score (100), while Japan scored a measly 2. Other notable countries include the US with 52, Saudi Arabia with 13 and Russia with 7. The final score was arrived at by factoring the fraction of crypto searches in a specific country. Therefore, South Africa has maximum popularity, whereas the US has 52% popularity. Regions that did not have data got a zero.
Lately, the South African crypto space has been growing at an immense rate. To this end, there has been increased number of transactions involving popular digital currencies such as Bitcoin Core, Bitcoin Cash, Ethereum, and Litecoin. Moreover, established cryptocurrency exchanges such as Golix have opened outlets in the country.
Apparently, the proliferation of blockchain and cryptocurrency startups in South Africa has aroused the curiosity of the masses, as they want to know more about distributed ledger technology. The report further states that some residents perceive crypto assets as the means to improve living standards, while others believe that they would contribute to societal development. Going by these reports, it is evident that Africa has the potential to become a global leader in the adoption of virtual currencies.
OneGram Launches In South Africa
In related news, a gold-backed, Sharia-compliant cryptocurrency token called OneGram has been introduced to the South African market with the aim of attracting Islamic investors. Before the launch of OneGram, Muslims had been avoiding crypto investments because the Sharia law disallows speculative trading.
Each unit of the OneGram token is backed by one gram of physical gold. Additionally, the cryptocurrency’s ecosystem is compliant with the Islam Zakat donations, a principle that requires Muslims to allocate a portion of their earnings to charity. Concerning this, the company will donate 2.5% of every transaction towards philanthropic causes.
The OneGram token was created in 2017 by Ibrahim Mohamed, a Dubai-based investors. During its ICO, the coin raised a whopping $84 million. The company uses the profits generated from transactions to acquire more physical gold for its reserves.
The supply of OneGram tokens is fixed at 12.4 million, a figure that will never increase since the coin cannot be mined. At the time of writing, the firm had sold 40% of the total supply.